I dig it. I think if anything you should push the design itself further. The pads and straps and cargo pants look a little too generic.And the hat, while cool, doesn't work yet. It makes him look a little angry/villainous.

I like your design so far. He does have a certain GIJoe quality to him, but that is not an entirely bad thing. I would add some texture to the midsection. Think about the material and what that looks like. To me it reads like it is something like a cotton fabric. With all that armor, and the modern military theme, I would go a little farther. I would add something along the lines of the BTU's GIs are wearing today. Also, you might want to include a shot of CAP in the helmet somewhere too.

These are just my thoughts about your design. I think as is, it is quality. I am loving the armor, belt and emblems. Keep tweaking it, and I am sure you'll get where you want to be with this. Good luck on the contest.